TPG Capital exits Chinese leasing business UT Capital Group

The company includes a financial leasing services unit and a heavy truck leasing business.

UT, which was acquired by TPG in 2008, posted profits of RMB198.8m ($32.5m) on revenues of RMB670.7m in the first half of 2013.

Head of TPG’s Asia operations group Steve Schneider said, “We are pleased to see the remarkable growth of UniTrust in the past five years as it continues to tap into the great potential in China and successfully transforms into a leading player in China’s leasing sector.”